What budgeting mistakes can you avoid for a successful event?

Without robust planning, budgeting may be unbalanced. Have clear goals, which will help in your resource prioritization, in line with parameters like the 80-20 rule. Your set objectives will channel your focus on the right trajectory.

Budgeting mistakes can be avoided for a successful event by: 1. Underestimating Expenses: Research thoroughly to avoid unexpected costs. 2. Lack of Contingency Fund: Allocate a buffer for unforeseen expenses. 3. Overlooking Hidden Costs: Scrutinize contracts for extras like taxes and gratuities. 4. Not Tracking Expenses: Regularly update and review your budget to stay on track. 5. Misallocation of Funds: Prioritize spending on crucial aspects of the event for maximum impact.

When it comes to setting a budget, an Excel spreadsheet is your best friend in planning an event. Not only will it allow you to track quotes, organize a timetable, and manage volunteers/staff roles, but it will also serve as a legacy document for future planning. A legacy document will allow you to create new events that have a similar format, allowing you to save time and effort instead of recreating a plan from scratch.

Always get 3-4 quotes for objects. If you have preferred vendors, that is fine, but it never hurts to check the market for competing prices. After all, this isn't personal; it's business. If you feel strongly about going with your preferred vendor, you can at least show the price comparison and ask them to meet the quote. Remember: today's stranger could be tomorrow's friend. You never know when you'll find a new vendor that turns into a long-time partner. Give yourself permission to make new friends and build new working relationships!

No event is immune to surprises, regardless of meticulous planning. To navigate potential disruptions, it’s essential to prepare a contingency plan and set aside a reserve fund for emergencies or unforeseen changes. Your contingency plan must anticipate various situations, including adverse weather, technical glitches, cancellations, delays, or accidents.

Having realistic expectations is fundamental to avoid budgetary errors. Of course, as communication professionals and managers, we are always striving to be efficient, using the best with the appropriate investment. However, it is necessary to be aware that investments are necessary! Want results? Be willing to invest.

Think through your event from multiple angles: chronologically vs. logistically, guest experience vs. vendor experience, back-end support vs. front-of-house management, etc. You'll always something new if you put yourself in a different mindset. For example, if your event is outside, should you order a tent in case rain pops up in the forecast? If yes, how much lead time do you need to order a tent? Who will set it up, and what is that work teams' charge rate? This type of critical thinking will force you to consider all of the options when thinking through the logistics/costs of an event.